Carbon removal innovator announces completion of successful investment round, featuring backing from Maersk, Equinor, and Aramco
California-based carbon removals specialist Captura has confirmed it has secured $21.5m in fresh funding to support the commercialisation of its ocean-based carbon capture technology, which promises to boost the ocean’s capacity to absorb atmospheric carbon dioxide.
According to an update, Maersk Growth, venture capital company Eni Next, and renewable energy firm EDP Ventures joined existing backers, including Future Planet Capital, Equinor, Freeflow, Hitachi, Aramco, mTerra, and EIC Rose Rock Venture Fund, in an expanded Series A fundraise.
The announcement comes after Captura raised an initial $12m in January 2023 and increased its Series A financing, as the company progresses its technology pilot program and begins design work for commercial projects.
Captura currently operates two pilot plants in California and is developing a third in partnership with Equinor, which is expected to be capable of capturing 1,000 tons of CO2 annually when installation in Norway completes later this year.
Ultimately the firm plans to move into large-scale commercial deployment of technology to capture CO2 from the ocean so it can be permanently stored or turned into lower emission fuel or other products – with early plants capturing tens of thousands of tons of CO2 or more per year.
Steve Oldham, CEO of Captura, said the firm has made «remarkable strides» towards commercialisation during the past year.
«As we work to advance both our technology and business, we’re thrilled to welcome investment from industry-leading companies like Maersk, Eni Next, and EDP, and to have the continued support of our existing investors,» he said.
«With our growing network of deployment partners and investors, and the success of our technology pilot program, Captura is now well-positioned to bring our technology to market and deliver climate solutions at meaningful scale.»
As part of Maersk targets to transport a minimum of 25 per cent of ocean cargo using green fuels by 2030 and hit net zero emissions by 2040, Maersk Growth – the shipping conglomerate’s investment arm – has committed to invest in and partner with a raft of green fuel and greenhouse gas reduction solutions.
«Maersk Growth is actively looking for promising startups in the energy transition space who can enable and accelerate the journey towards net-zero shipping and logistics,» said Ida Christine Brun, head of external innovation and ecosystem engagement at Maersk Growth.
«Captura has developed a promising technology, and we are looking forward to joining forces with them.»
Meanwhile, Luís Manuel, executive board member of EDP Innovation and managing partner at EDP Ventures, said the latest investment formed part of the company’s wider net zero strategy, which will see it invest more than €25bn in the energy transition by 2026.
«EDP has pledged to achieve net-zero emissions by 2040 and we are thrilled to collaborate with Captura in their mission to scale carbon removal,» he said.
«It’s becoming increasingly important to include carbon removal technologies as a part of a net-zero strategy, and Captura stands out as the leading player in this promising field. At EDP Ventures, we are delighted to contribute to this transformative journey.»
Captura’s continued strides towards commercial direct ocean capture projects form part of a growing ecosystem of companies seeking to harness the ocean to remove carbon dioxide from the atmosphere.
For example, late last year Shopify-backed carbon removal firm Running Tide successfully completed its first-ever biomass-sinking project in the open ocean – plunging more than 1,000 tonnes of biomass to depths of over 5,250 feet off the coast of Iceland.
The project saw Running Tide capture waste wood before it could be burned, coat it in limestone seeded with algae, and deploy it in the form of «carbon buoys» – floats made of natural materials ranging from the size of a golf ball to a small beach ball.
Fuente: Business Green